{"id":172645,"date":"2024-01-03T02:22:00","date_gmt":"2024-01-03T07:22:00","guid":{"rendered":"https:\/\/timingthemarket.ca\/techtalk\/?p=172645"},"modified":"2024-01-03T08:48:20","modified_gmt":"2024-01-03T13:48:20","slug":"tech-talk-for-wednesday-january-3rd-2024","status":"publish","type":"post","link":"https:\/\/timingthemarket.ca\/techtalk\/2024\/01\/03\/tech-talk-for-wednesday-january-3rd-2024\/","title":{"rendered":"Tech Talk for Wednesday January 3rd 2024"},"content":{"rendered":"

Pre-opening Comments for Wednesday January 3rd<\/sup><\/strong><\/font><\/em><\/p>\n

U.S. equity index futures were lower this morning.<\/b> S&P 500 futures were down 17 points at 8:30 AM EST.<\/em><\/p>\n

Exxon Mobil<\/b> slipped $0.48 to $101.88 after Mizuho downgraded the stock from Buy to Neutral.<\/em><\/p>\n

\"clip_image001[5]\"<\/a><\/p>\n

Occidental Petroleum<\/b> dropped $0.35 to $59.70 after Mizuho downgraded the stock from Buy to Neutral.<\/em><\/p>\n

\"clip_image002[5]\"<\/a><\/p>\n

Prudential Financial<\/b> dropped $0.81 to $103.76 after JP Morgan downgraded the stock from Overweight to Neutral.<\/em><\/p>\n

\"clip_image003[5]\"<\/a><\/p>\n

Verizon<\/b> added $0.47 to $39.35 after KeyBanc Capital upgraded the stock from Sector Weight to Overweight.<\/em><\/p>\n

\"clip_image004[5]\"<\/a><\/p>\n

 <\/p>\n

Technical Notes<\/strong><\/font><\/p>\n

Healthcare Providers iShares<\/b> $IHF moved above $264.53 extending an intermediate uptrend. <\/p>\n

\"clip_image001\"<\/a><\/p>\n

Biotech ETF<\/b> $BBH moved above $168.92 resuming an intermediate uptrend.<\/p>\n

\"clip_image002\"<\/a><\/p>\n

Merck <\/b>$MRK a Dow Jones Industrial Average stock moved above $110.46 extending an intermediate uptrend. <\/p>\n

\"clip_image003\"<\/a><\/p>\n

Johnson & Johnson<\/b> $JNJ a Dow Jones Industrial Average stock moved above 160.02 extending an intermediate uptrend. <\/p>\n

\"clip_image004\"<\/a><\/p>\n

T Mobil<\/b> $TMUS moved above $161.19 to an all-time high extending an intermediate uptrend. <\/p>\n

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Soybeans<\/b> ETN moved below $26.59 extending an intermediate downtrend. <\/p>\n

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 <\/p>\n

Trader\u2019s Corner<\/strong><\/font><\/p>\n

<\/font><\/strong><\/p>\n

Equity Indices and Related ETFs<\/strong><\/font><\/p>\n

Daily Seasonal\/Technical Equity Trends for Jan.2nd<\/sup> 2024<\/p>\n

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Green: Increase from previous day<\/font><\/em><\/p>\n

Red: Decrease from previous day<\/font><\/em><\/p>\n

Source for all positive seasonality ratings: <\/em>www.EquityClock.com<\/em><\/a><\/p>\n

 <\/p>\n

Commodities<\/strong><\/font><\/p>\n

Daily Seasonal\/Technical Commodities Trends for Jan 2nd<\/sup> 2024<\/p>\n

\"clip_image010\"<\/a><\/b><\/p>\n

Green: Increase from previous day<\/font><\/em><\/p>\n

Red: Decrease from previous day<\/font><\/em><\/p>\n

 <\/p>\n

Sectors<\/strong><\/font><\/p>\n

Daily Seasonal\/Technical Sector Trends for Jan.2nd<\/sup> 2024<\/p>\n

\"clip_image012\"<\/a><\/p>\n

Green: Increase from previous day<\/font><\/em><\/p>\n

Red: Decrease from previous day<\/font><\/em><\/p>\n

 <\/p>\n

Technical Notes<\/strong><\/font><\/p>\n

Technology Shares PLUNGE to Kick Off 2024 | The Final Bar (01.02.24)<\/b><\/p>\n

Technology Shares PLUNGE to Kick Off 2024 | The Final Bar (01.02.24) \u2013 YouTube<\/a><\/p>\n

 <\/p>\n

2023 Market Retrospective & 2024 Predictions | Trading Places (01.02.24)<\/b><\/p>\n

2023 Market Retrospective & 2024 Predictions | Trading Places (01.02.24) \u2013 YouTube<\/a><\/p>\n

 <\/p>\n

There may be a ‘catch up’ trade for gold in 2024, says Worth Charting’s Carter Worth<\/b><\/p>\n

There may be a ‘catch up’ trade for gold in 2024, says Worth Charting’s Carter Worth \u2013 YouTube<\/a><\/p>\n

 <\/p>\n

Seasonality Chart of the Day<\/strong><\/font><\/p>\n

Carter Worth in the video above recommends GDX as a \u2018catch up\u201d trade ito gold. Seasonal influences support the trade.<\/p>\n

\"clip_image014\"<\/a><\/p>\n

www.EquityClock.com<\/a> Comment<\/p>\n

 <\/p>\n

Analysis of the VanEck Vectors Gold Miners ETF (NYSE:GDX) seasonal charts above shows that a Buy Date of December 15<\/u><\/b> and a Sell Date of April 9<\/u><\/b> has resulted in a geometric average return of 5.49%<\/b> above the benchmark rate of the S&P 500 Total Return Index over the past 16 years. This seasonal timeframe has shown positive results compared to the benchmark in 11 of those periods.<\/p>\n

 <\/p>\n

S&P 500 Momentum Barometers<\/strong><\/font><\/p>\n

\"clip_image015\"<\/a><\/p>\n

The intermediate term Barometer added 1.60 to 91.60. It remains Overbought. Daily trend remains up.<\/p>\n

\"clip_image016\"<\/a><\/p>\n

The long term Barometer added 2.00 to 80.40. It remains Overbought. Daily trend remains up.<\/p>\n

 <\/p>\n

TSX Momentum Barometers<\/strong><\/font><\/p>\n

\"clip_image017\"<\/a><\/p>\n

The intermediate term Barometer slipped 1.38 to 73.33. It remains Overbought.<\/p>\n

\"clip_image018\"<\/a><\/p>\n

The long term Barometer dropped 1.78 to 58.67. It changed from Overbought to Neutral on a move below 60.00. <\/p>\n

 <\/p>\n

Disclaimer:<\/b> Seasonality ratings and technical ratings offered in this report and at<\/em><\/p>\n

www.equityclock.com<\/em><\/a> are for information only. They should not be considered as advice to purchase or to sell mentioned securities. Data offered in this report is believed to be accurate, but is not guaranteed<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

Pre-opening Comments for Wednesday January 3rd U.S. equity index futures were lower this morning. S&P 500 futures were down 17 points at 8:30 AM EST. Exxon Mobil slipped $0.48 to $101.88 after Mizuho downgraded the stock from Buy to Neutral. Occidental Petroleum dropped $0.35 to $59.70 after Mizuho downgraded the stock from Buy to Neutral. […]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-172645","post","type-post","status-publish","format-standard","hentry","category-reports"],"_links":{"self":[{"href":"https:\/\/timingthemarket.ca\/techtalk\/wp-json\/wp\/v2\/posts\/172645","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/timingthemarket.ca\/techtalk\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/timingthemarket.ca\/techtalk\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/timingthemarket.ca\/techtalk\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/timingthemarket.ca\/techtalk\/wp-json\/wp\/v2\/comments?post=172645"}],"version-history":[{"count":2,"href":"https:\/\/timingthemarket.ca\/techtalk\/wp-json\/wp\/v2\/posts\/172645\/revisions"}],"predecessor-version":[{"id":172655,"href":"https:\/\/timingthemarket.ca\/techtalk\/wp-json\/wp\/v2\/posts\/172645\/revisions\/172655"}],"wp:attachment":[{"href":"https:\/\/timingthemarket.ca\/techtalk\/wp-json\/wp\/v2\/media?parent=172645"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/timingthemarket.ca\/techtalk\/wp-json\/wp\/v2\/categories?post=172645"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/timingthemarket.ca\/techtalk\/wp-json\/wp\/v2\/tags?post=172645"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}